The USDA’s December World Ag Supply and Demand Estimates (WASDE) report says the 2022-2023 corn outlook is for lower exports and greater ending stocks.
Exports dropped by 75 million bushels as export competition and high U.S. corn prices have slowed sales and shipments. Corn ending stocks grew by 75 million bushels. The season-average corn price dropped ten cents to $6.70 a bushel.
Soybean supply and use projections are unchanged from November. Because of the recent EPA proposal on RVOs, soybean oil used for biofuels dropped by 200 million pounds. Oil exports are also at historic lows through November. The season-average soybean price is unchanged at $14.00 per bushel.
The December wheat supply and use outlook is unchanged from last month. Global wheat consumption is lowered by 1.6 million tons, mainly on lower feed and residual use by the EU and Ukraine. The season-average farm price is down by ten cents to $9.10 a bushel.
Click BELOW to hear full analysis of the USDA’s December World Ag Supply and Demand Estimates report from market analyst Brian Basting with Advance Trading.
Source: NAFB News Service.
